Ready Capital Corporation Provides $67M Acquisition Financing for Multifamily Portfolio
Lexington Partners and LAZ Investments have landed a $66.9 million acquisition and repositioning financing for a six-property, 933-unit multifamily portfolio located across Memphis, Tenn., and Columbia, S.C., Commercial Observer can first report.
Ready Capital Corporation provided the loan.
Colliers worked on behalf of the sponsor to secure the loan with a team of John Broderick, Jeff Black, Sean Burke, Bryan Koop, Chris Chou and Chris Moore.
The portfolio consists of multiple properties across the rapidly growing Sun Belt cities of Memphis and Columbia. The two Memphis mid-rise apartment developments, known as Azur Tower, at 305 South Bellevue Boulevard and SoMa Apartments, at 23 South Pauline Street, are both within the Memphis Medical District.
Four garden-style apartment developments — Copperfield Apartments at 200 Saluda River Road, Creekside Place at 801 Chinquapin Road, Retreat at Broad River at 1079 Springhouse Drive and Riverbanks Retreat at 1035 Comanchee Trail.
Lexington Partners plans to carry out a major renovation of the portfolio. The wide-ranging capital improvement project will substantially upgrade the apartment units, common areas and exteriors of the properties. Interior upgrades will include new flooring and countertops as well as kitchen and bathroom appliance replacement. Exterior renovations will entail replacing walkways and decks to create a more homey environment, as well as parking lot upgrades, according to information provided by Colliers (CIGI).
“It was a pleasure to work with the Lexington Partners and LAZ Investment teams, who will capitalize on their vast knowledge and understanding of resident needs to reshape this portfolio to meet current lifestyle demands,” Broderick said.
Lexington Partners, LAZ Investments and Ready Capital Corporation officials did not immediately respond to requests for comment.
Emily Fu can be reached at efu@commercialobserver.com.
